Texas Oil Falls 16% After First Day of Ceasefire Between US and Iran
West Texas Intermediate (WTI) crude oil fell this Wednesday to $94.41 a barrel, down 16.41% from the previous close, on the first day of the ceasefire between the United States and Iran, despite contradictory information between both countries about the reopening of the Strait of Hormuz.
TL;DR
- WTI crude oil fell to $94.41 per barrel, a 16.41% decrease.
- The drop occurred on the first day of a ceasefire between the US and Iran.
- Conflicting information emerged regarding the reopening of the Strait of Hormuz.
- President Trump accepted a two-week ceasefire if Iran reopened the Strait of Hormuz.
- Iran initially confirmed a pact for safe passage through Hormuz.
- Later, Iran reportedly interrupted tanker navigation through the strait in response to Israeli bombings.
- The White House denied Iran's claims and stated an increase in traffic through the strait.